Compliance costs could bring trouble for some mortgage professionals as companies continue to feel the strain. SoftWorks AI has developed mortgage automation software that could very well cause a stir in the business.
"As the popularity of programs like Quicken’s Rocket Mortgage increases, lenders are increasingly compelled to process mortgages faster than ever before," according to HousingWire.
"This, in turn, is challenging the industry to look at more innovative ways to automate their business, so they can compete in today’s environment."
SoftWorks has developed its Trapeze for Mortgage Automation software, with the intentions of driving mortgage loan processing with little human intervention. According to SoftWorks AI founder and CEO Dr. Ari Gross, the company has created a solution that can fully automate processes like "underwriting, origination and servicing and post-close review."
"Our in-production mortgage automation solution has increased underwriter productivity for our clients by over 100%," said Gross.
"This relates to SoftWorks’ native ability to parse and use OCR for complex documents. By combining AI and computer vision technologies together, SoftWorks can effectively auto-validate the mortgage classification and data extraction process, streamlining the loan approval process."
To learn more about the Trapeze for Mortgage Automation software and what it could mean for mortgage professionals, click on the image above.